FiberLink Networks, a newly established company that plans to form a regional Internet service provider, acquired PSINet Lebanon, one of Lebanon’s leading ISPs. FiberLink is currently negotiating with ISPs in Jordan and Egypt, and the PSINet buy-out constitutes its first acquisition.
“Fiberlink seeks regional growth and expansion in the Middle East and North Africa through acquisitions and partnerships,” according to a company press release.
It has already received a cash injection one billion Lebanese pounds (LP), raising its capital to two billion LP to be used for short-term growth. The US-based PSINet acquired last December local ISP Lynx to form PSINet Lebanon. FiberLink is one-third owned by the original owners of Lynx, Imad Tarabay and Raed Rayess.
Tarabay said that FiberLink would maintain strategic links with PSINet and would continue selling its services. PSINet Lebanon currently offers 15 services, with FiberLink likely to add five more in the wireless Internet field.
According to Tarabay, PSINet decided to sell the firm after it shifted its growth strategy from outright acquisitions to focusing on organic growth. He added that the US company sold at a profit.
The US-based Fiberlink Communications International Inc. (FCI) is a main equity holder in Fiberlink Networks in Lebanon.
Headquartered in Beirut, Lebanon, Fiberlink Networks is a corporate ISP in the Lebanese market serving corporate, educational and governmental sectors. The company offers global e-commerce infrastructure and retail, wholesale and corporate Internet services. — (Albawaba-MEBG)
© 2000 - 2020 Al Bawaba (www.albawaba.com)